Posting this in PF since I think it’s most relevant here, but feel free to direct me elsewhere if this isn’t appropriate.
My parents are 70 and 64 both with social security income but struggling a bit because of $15K in credit card debt and them just being house poor.
Their combined monthly SS income is around 2600.
Mortgage: 1340 Credit card debt: $450 minimum payments Health insurance: $455 (for my mom, my dad’s is covered by medicare) $5K in savings
Here’s where they’re struggling... they live in a 2 story 2200 sq ft house that they don’t need and is way too big for them. They both struggle with going up and down the stairs and they don’t use any of the spare rooms they have. They have $210K in equity in this house. You’d think they’d sell the house, buy a one story within their means and relax right?! But no. They want to stay in their same area which is truly impossible for them to afford since there’s nothing in their area less than $400k for the size of house they could get that’s a single story. They refuse to move even 5 miles outside of their area because they love being in the nice, trendy area but they just can’t afford it.
TL;DR: My parents want to down size but they’re basically house poor and are being pretty picky despite their current financial situation
Submitted December 22, 2019 at 07:52PM by almira_99 https://ift.tt/2Mn1Fi2
